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2644 Vista Ornada Newport Beach, CA 92660

3 Beds 2 Baths 2,798 sqft Built 1970

$1,468,000

List Price

$5,700

$5.5K - $6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $524.66
  • 11 Days on Market
  • MLS # : BB21052495
  • Updated Date : 03/27/2021 at 15:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,798 sqft
  • Baths : 1 full , 1 half
Listing Agent

Remax Empower

Listing Agent's Description

Welcome to the lifestyle of the bluffs and this lovely two story end unit home featuring a floor-plan that suits the most discriminating taste, ( three master suites ) with two master suite bedrooms on the main level, a handy utility room, and access entry to the two car garage with workshop. The curved staircase leads you to the second level with an open skylight and a spacious living room with open vaulted ceilings and access to a large patio, the dining area is complemented with floor to ceiling glass, an open kitchen with skylight, plus a dumbwaiter handy small freight elevator for your items from the garage to the kitchen, very handy, breakfast bar perfect for entertaining complemented with a open family room again with vaulted ceilings and glass doors leading to a patio surrounded by a garden setting that emanates charm, a handy ½ bath for guests and the last of the three bedrooms features a master suite with lots of closet space and a sitting area. resort living like no other that will not disappoint.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)

PRICE & RENT TRENDS

Neighborhood: North Bluff Bayview

NeighborhoodNIR Market*CityMarket2010Year20002019400k600k800k1000k1200k1400k1600k1800k2000kPrice in $272k2016k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: North Bluff Bayview

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2200025003000350040004500500055006000Rent in $19816232

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$1,321,200$1,614,800$1,468,000

PURCHASE PRICE

$5,130$6,270$5,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,700
EXPENSES Loan Payment -$5,099
Property Tax -$1,342
Property Insurance -$95
HOA -$300
Property Management Fees -$279
CASH FLOW
-$1,415

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,468,000

PROJECTED PRICE

$5,700

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k$20k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$394,770

INVESTMENT

$394,770

Down Payment
$367,000
Rehab Estimate
$5,750
Closing Costs
$22,020

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$5,099

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $367,000
Loan Amount $1,101,000
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$7,025

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $5,700

    LIST RENT
  • $2.04

    LIST RENT PER SQFT
  • $5,064

    COMP ESTIMATED VALUE
  • $1.81

    COMP AVG. RENT PER SQFT
Comps Range
$4,450
1$4,4502$4,6003$5,700
$5,700
RENT COMPS ANALYSIS
  • 2644 Vista Ornada Newport Beach, CA 3
    • 3 beds 2 baths ∙ 2,798 Sqft ∙ Built 1970 3 beds 2 baths ∙ 2,798 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $5,700
    • $2.04
    •  
  • 2427 Vista Nobleza Newport Beach, CA 1
    • 3 beds 3 baths ∙ 2,548 Sqft ∙ Built 1972 3 beds 3 baths ∙ 2,548 Sqft ∙ Built 1972
    LEASED 02/23/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,450
    • $1.75
    •  
  • 2601 Raqueta Newport Beach, CA 2
    • 4 beds 2 baths ∙ 2,458 Sqft ∙ Built 1972 4 beds 2 baths ∙ 2,458 Sqft ∙ Built 1972
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $1.87
    •  
PROPERTY LISTING DETAILS
Mark Welling
Remax Empower
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB21052495
Last Updated: 03/27/2021
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